Truworths International Limited · JSE:TRU
Truworths International — H1 2026 Earnings Presentation
68 slides from Truworths International's earnings presentation, February 2026
Slide 1: Group Interim Results for the 26 weeks ended 28 December 2025
2026 GROUP INTERIM RESULTS FOR THE 26 WEEKS ENDED 28 DECEMBER 2025 1
Slide 2: Agenda
AGENDA 01 INTRODUCTION 02 FINANCIAL REVIEW 03 ACCOUNT MANAGEMENT 04 STRATEGIC INITIATIVES 05 OUTLOOK 06 QUESTIONS 2
Slide 3: Introduction
01 INTRODUCTION 3
Slide 4: Our Business Philosophy
O UR B US INES S PH I LO S O PHY WE ARE ALWAYS GUIDED BY OUR BUSINESS PHILOSOPHY WHICH DIRECTS OUR CONSISTENT FOCUS ON THE LONG-TERM PURPOSE AS A GUIDING LIGHT THROUGH GOOD AND BAD TIMES TO DELIVER OUR VISION OUR PURPOSE OUR VALUES OUR VISION defines the essence and fundamental ingredients of how we
Slide 5: Resilient and Consistent Long-Term Value Creation
RES ILIENT AN D CO N S I S T EN T LONG-TERM VALUE CREATION “We are long-term investors in Truworths International because we trust in management’s capacity to execute innovative strategies which deliver significant value over time.” • Continue to deliver on our Vision for shareholders with a focus o
Slide 6: Our Focus in 2026
O UR FO CUS I N 2026 ACCELERATE WITH DISCIPLINE • Finding opportunity in adversity and focusing on what really matters for the long-term • Truworths Africa focused on cash flow and margins in a period of constrained top line growth, due to the tough South African macro environment. Focus on increase
Slide 7: Financial Review: Group
02 FINANCIAL REVIEW GROUP 7
Slide 8: Financial Performance: Group
FINANCIAL PER F O R MAN CE GROUP PROFIT SALE OF BEFORE FINANCE COSTS HEADLINE EARNINGS DIVIDEND PER SHARE NET ASSET VALUE PER MERCHANDISE 0.4% AND TAX 0.3% 0.4% 1.3% SHARE 4.3% R12 114m R2 720m R1 835m 321c 2 983c (Adjusted: R2 666m) (Adjusted: R1 794m) Dec 2024: R12 063m Dec 2024: R2 713m Dec
Slide 9: Gross Profit Trend
GRO S S PRO FI T T R EN D GROUP Gross margin remains well within medium-term target range (Rbn) 6.5 6.3 6.2 6.3 80% 6.0 5.8 70% 5.5 5.1 5.0 60% 53.6% 53.5% 53.6% 4.5 51.8% 51.8% 4.0 50% 3.5 40% 3.0 2.5 30% 2.0 20% 1.5 1.0 10% 0.5 - 0% Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Gross profit Gross m
Slide 10: Financial Performance: DPS, ROE, ROA
FINANCIAL PER F O R MAN CE GROUP Normalisation of ROA due to Normalisation of ROE due to growing cash balance, impairment reversals and impairment reversals and “unwinding” of Covid-period capex investment for the share buy-back benefit future DPS AND DILUTED HEPS RETURN ON EQUITY (ROE) RETURN ON AS
Slide 11: Statements of Financial Position
S TATEMENTS O F F I N AN CI AL PO S ITIO N GROUP Change on Dec 2025 Dec 2024 prior period Rm Rm % Property, plant and equipment 2 933 2 745 7 Right-of-use assets 3 291 3 305 - Goodwill and intangible assets 1 805 1 867 (3) Inventories 2 474 2 349 5 Trade and other receivables 5 961 5 983 - Assets he
Slide 12: Capital Management
CAPITAL MAN AGEMEN T GROUP Group net cash of approx. R260 million after month-end payments (2024: R370 million) SHARE BUY-BACKS Since January 2020 (including the Covid period) we Excluding share buy-backs of R746 million and Office UK DC have bought back 65.1m shares for R3.2bn at an acquisition of
Slide 13: Cash Flow Analysis
Cash realisation rate 103% (Dec 2024: approx. 85% on a CAS H FLO W AN ALYS I S comparable basis) GROUP R1 168 million net cash increase Includes R105 million for (Rm) excluding share the Office UK DC 4 000 buy-backs and the Office UK DC acquisition acquisition 3 500 19 (255) 618 3 000 (460) (51) (19
Slide 14: Financial Review: Truworths Africa
02 FINANCIAL REVIEW TRUWORTHS AFRICA 14
Slide 15: Financial Performance: Truworths Africa
FINANCIAL PER F O R MAN CE TRUWORTHS AFRICA RETAIL SALES 4% GROSS PROFIT 3% GROSS MARGIN EBITDA MARGIN R7 998m R4 126m 54.0% 29.1% (Adjusted: 29.4%) Dec 2024: R8 300m Dec 2024: R4 237m Dec 2024: 53.6% Dec 2024: 29.6% (Adjusted: 29.3%) PROFIT BEFORE FINANCE PROFIT COSTS AND TAX 6% BEFORE TAX 6% T
Slide 16: Income Statement: Truworths Africa
I NCO ME S TAT EMEN T TRUWORTHS AFRICA Dec 2025 Dec 2024 Change on 26 weeks 26 weeks prior period Rm Rm % Sale of merchandise 7 636 7 903 (3) Cost of sales (3 510) (3 666) (4) Gross profit 4 126 4 237 (3) Other income 226 236 (4) Trading expenses (3 292) (3 356) (2) Depreciation and amortisation (56
Slide 17: Divisional Retail Sales
DIVIS IO NAL R ETAI L S ALES TRUWORTHS AFRICA Dec 2025 Dec 2024 Change on 26 weeks 26 weeks prior period DIVISIONAL CONTRIBUTION Rm Rm % Truworths ladieswear 2 722 2 847 (4) Identity Truworths menswear 2 012 2 049 (2) 16% Truworths kids 905 967 (6) Truworths ladieswear Other# 1 124 1 116 1 Other 34%
Slide 18: Stores and Trading Space
S TO RES AND T R ADI N G S PACE TRUWORTHS AFRICA Stores Stores Dec 2024 Store Movement Net Dec 2025 Truworths 357 (2) 8 6 363 Identity 257 (6) 6 - 257 Truworths Man 35 (3) (3) 32 Uzzi 31 (3) (3) 28 Sync 29 (1) 3 2 31 Office London 24 3 3 27 YDE 20 (1) (1) 19 Earthchild 11 (2) (2) 9 Total trading Naa
Slide 19: Sales Densities Trend
S ALES DENS IT I ES T R EN D TRUWORTHS AFRICA R per m2 45 000 40 037 39 266 40 000 38 489 38 109 36 418 35 924 36 214 35 917 35 230 35 000 33 371 30 000 25 000 20 000 15 000 10 000 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 19
Slide 20: Merchandise Inflation Trend
MERCH ANDIS E I N F LAT I O N T REND TRUWORTHS AFRICA Unusually high product inflation RSP Inflation due to significant depreciation of (%) the Rand in these two periods 20 15 10 5 - (5) 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2026 Summer Winter
Slide 21: Gross Profit Trend
GRO S S PRO FI T T R EN D TRUWORTHS AFRICA (Rbn) 5.5 80% 5.0 70% 4.5 4.5 4.5 4.2 4.0 4.1 60% 4.0 3.5 56.4% 56.0% 56.6% 53.6% 54.0% 50% 3.0 40% 2.5 2.0 30% 1.5 20% 1.0 10% 0.5 - 0% Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Gross profit Gross margin 21
Slide 22: Analysis of Trading Expenses
ANALYS IS O F T R ADI N G EXPENS ES TRUWORTHS AFRICA Change on Dec 2025 Dec 2024 prior period Rm Rm % Depreciation and amortisation 569 586 (3) Employment costs 998 1 013 (1) Occupancy costs 375 345 9 Trade receivable costs 785 874 (10) Other operating costs 565 538 5 Trading expenses 3 292 3 356 (2
Slide 23: Analysis of Trading Expenses (continued)
ANALYS IS O F T R ADI N G EXPENS ES TRUWORTHS AFRICA (CONTINUED) 3% • Property, plant, equipment and software: Excluding non-comparable stores and the new DC, depreciation decreased 14% due to assets becoming fully Depreciation and depreciated in the current period. amortisation • Right-of-use asse
Slide 24: Analysis of Trading Expenses (continued)
ANALYS IS O F T R ADI N G EXPENS ES TRUWORTHS AFRICA (CONTINUED) • Net bad debt and related costs, excluding the movement in the expected credit loss (ECL) allowance, decreased by R13 million. • The movement in the ECL allowance resulted in a R82 million charge in the current period compared to a R1
Slide 25: Profit Before Finance Costs and Tax
PROFIT BEFORE FINANCE COSTS AND TAX TRUWORTHS AFRICA (Rbn) 3.5 37% 40% 3.0 33% 32% 35% 30% 30% 29% 30% 2.5 26% 25% 25% 2.0 22% 22% 20% 1.5 15% 1.0 10% 0.5 5% 2.1 2.0 2.0 1.8 1.7 - 0% Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Profit before finance costs and tax EBITDA margin Operating margin 25
Slide 26: Capital Expenditure
CAPITAL EXPEN DI T UR E TRUWORTHS AFRICA Actual Actual Projected Change on Dec 2025 Dec 2024 H2 2026 prior period Rm Rm Rm % Store renovation and 124 134 49 (7) development Computer software and 12 29 37 (59) infrastructure Land, buildings and refurbishments (excl. 3 2 8 50 distribution facilities)
Slide 27: Cash Flow Analysis
Cash realisation rate 99% (Dec 2024: approx. 73% on a CAS H FLO W AN ALYS I S comparable basis) TRUWORTHS AFRICA (Rm) 3 500 3 000 (227) 819 (265) 2 500 (72) (329) 2 000 (33) 47 571 (649) 1 500 (117) 2 426 (746) 1 000 2 111 1 717 (268) 500 448 - Cash Working Interest Dividend Interest Tax paid Capex
Slide 28: Financial Review: Office UK
02 FINANCIAL REVIEW OFFICE UK 28
Slide 29: Financial Performance: Office UK
FINANCIAL PER F O R MAN CE OFFICE UK RETAIL SALES 6% EBITDA 10% GROSS MARGIN EBITDA MARGIN £191.9m £53.7m 48.0% 28.0% (Adjusted: £50.4m) (Adjusted: 26.3%) Dec 2024: £180.4m Dec 2024: £48.9m Dec 2024: 48.2% Dec 2024: 27.2% (Adjusted: £48.9m) (Adjusted: 27.2%) PROFIT BEFORE FINANCE PROFIT COSTS AND
Slide 30: Income Statement: Office UK
I NCO ME S TAT EMEN T OFFICE UK Dec 2025 Dec 2024 Change on 26 weeks 26 weeks prior period £m £m % Sales of merchandise 191.9 179.6 7 Cost of sales (99.9) (93.1) 7 Gross profit 92.0 86.5 6 Other income 3.4 0.3 >100 Trading expenses (51.5) (47.5) 8 Depreciation and amortisation (7.9) (7.4) 7 Employme
Slide 31: Stores and Trading Space
Weighted trading space growth of 6.5% S TO RES AND T R ADI N G S PACE OFFICE UK Stores Stores Dec 2024 Store Movement Net Dec 2025 Office standalone stores 72 (1) 4 3 75 Offspring standalone stores 4 1 1 5 Office concession stores 1 - 1 Offspring concession stores 10 - 10 TOTAL 87 (1) 5 4 91 STORES
Slide 32: Sales Densities Trend
S ALES DENS IT I ES T R EN D OFFICE UK (£ per m2) 19 000 17 428 17 075 16 697 17 000 15 000 13 640 12 708 13 000 10 611 11 000 9 000 7 090 7 000 5 000 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 32
Slide 33: Gross Profit Trend
GROS S PROF I T T REND OFFICE UK (£m) 95.0 70% 90.0 60% 85.0 80.0 47.4% 48.2% 48.0% 45.7% 46.6% 50% 75.0 40% 70.0 65.0 30% 60.0 55.0 20% 50.0 10% 45.0 56.9 65.6 77.5 86.5 92.0 40.0 0% Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Gross profit Gross margin 33
Slide 34: Analysis of Trading Expenses
ANALYS IS O F T R ADI N G EXPENS ES OFFICE UK Change on Dec 2025 Dec 2024 prior period £m £m % Depreciation and amortisation 7.9 7.4 7 Employment costs 18.0 16.6 8 Occupancy costs 10.4 9.4 11 Other operating costs 15.2 14.1 8 Trading expenses 51.5 47.5 8 34
Slide 35: Analysis of Trading Expenses (continued)
ANALYS IS O F T R ADI N G EXPENS ES OFFICE UK (CONTINUED) 7% • • Depreciation on property, plant, equipment and software decreased 7%. Depreciation on right-of-use assets increased 9% due to new and renewed leases together with net Depreciation and impairment reversals. amortisation 8% • Increase
Slide 36: Profit Before Finance Costs and Tax
PRO FIT B EFO R E F I N AN CE CO S TS AND TAX OFFICE UK (£m) 50.0 40% 45.0 35% 40.0 30% 27% 26% 35.0 25% 23% 25% 30.0 21% 23% 25.0 22% 20% 20% 21% 20.0 18% 15% 15.0 10% 10.0 5% 5.0 22.5 27.9 34.3 41.4 42.5 - 0% Dec 2021 Dec 2022^ Dec 2023^ Dec 2024 Dec 2025~ Profit before finance costs and tax EBITD
Slide 37: Capital Expenditure
CAPITAL EXPEN DI T UR E OFFICE UK Actual Actual Projected Change on Dec 2025 Dec 2024 H2 2026 prior period £’000 £’000 £’000 % Store renovation and 5 651 2 742 6 549 >100 development Distribution facilities 4 548 148 37 >100 Computer software and 1 371 1 377 2 259 - infrastructure Land, buildings an
Slide 38: Cash Flow Analysis
Cash realisation rate 112% (Dec 2024: 111%) CAS H FLO W AN ALYS I S OFFICE UK £33.1 million net cash increase after excluding (£’000) Includes £4.5 million for dividends paid to the acquisition of the DC Truworths International 60 000 and the DC acquisition 50 000 2 819 2 014 (1 171) (8 349) 40 000
Slide 39: Account Management
03 ACCOUNT MANAGEMENT 39
Slide 40: Consumer Credit Index – 2025Q4
CO N S UMER CR EDI T I N DEX – 2025Q4 The TransUnion South Africa Consumer Credit Index (CCI) remained above the neutral 50 level throughout the second half of 2025, signaling continued improvement in household financial conditions. The index reached its highest level since 2022, peaking at 56 in Q3
Slide 41: Overview
OVERVIEW • Book quality stable to improving – ECL allowance to balance improving • Continue to attract millions of applications from young people • Significant improvement in targeting new account applications and improving operational processes, netting higher open rates and lower cost • Continued
Slide 42: New Accounts
NEW ACCO UN T S RISK APPROVED VS. OPENED Application volumes were slightly lower than recent years, but approval and open rates improved as we have focused on improving application quality and operational processes to drive conversions No of Applications, Risk Approved % and Opened % 3.0 38% 40% 35%
Slide 43: Applicant Age Distribution
APPLICANT AGE DI S T R I B UT I O N 41% of applicants are 29 years old or younger >50: 8% <24: 23% 40-49: 18% 25-29: 18% 35-39: 15% 30-34: 18% <24 25-29 30-34 35-39 40-49 >50 43
Slide 44: Trade Receivable Statistics
TRADE RECEIVAB LE S TAT I S T I CS TRUWORTHS AFRICA Dec 2025 Dec 2024 Number of active accounts (000's) 2 903 2 886 Change in number of active accounts (%) 1 (1) Gross active trade receivables (before expected credit losses) (Rm) 6 919 7 068 Active trade receivables Change in gross active trade rece
Slide 45: Strategic Initiatives: Aspirational Fashion
04 STRATEGIC INITIATIVES ASPIRATIONAL FASHION 45
Slide 46: Aspirational Fashion
AS PIRATIO NAL FAS H I O N • Focus on driving sales by offering ‘The complete fashion looks’ including accessories and shoes within each lifestyle area • With fashion trends moving to a smarter look, we are well positioned for expansion given our aspirational brands, better quality, and track record
Slide 47: Aspirational Fashion
AS PIRATIO NAL FAS H I O N • Leverage enhanced local supply capabilities and strong in-house design expertise to drive volumes through rapid in-season trade • Good prospects for increased focus on holding strategic fabric for turn-on opportunities within season • Quick response expanded into broader
Slide 48: Strategic Initiatives: Supply Chain
04 STRATEGIC INITIATIVES SUPPLY CHAIN 48
Slide 49: Supply Chain
S UPPLY CH AI N • Continue to reduce costs in the supply chain with the onboarding of new logistics partners • Acquire the land next to our new DC for longer term enhancements and improved efficiency • Utilise sophisticated functionality of new Truworths Africa DC to send stock to stores more precis
Slide 50: Strategic Initiatives: Customers
04 STRATEGIC INITIATIVES CUSTOMERS 50
Slide 51: Customers
CUS TO MERS • Continue to enhance e-commerce capabilities through improved customer targeting, personalised communication, upgraded search and product recommendation functionality • Build out advanced customer engagement strategies, leveraging AI models and improved technology • Continue to grow our
Slide 52: Strategic Initiatives: Retail Presence
04 STRATEGIC INITIATIVES RETAIL PRESENCE 52
Slide 53: Retail Presence
RETAIL PRES EN CE • Identify opportunities for profitable space growth and store reconfiguration/modernisation • Develop new Emporium and stand-alone concepts to allow for new lifestyle and brand extensions: • Truworths streetwear concept • Jeanswear/Denim store • Upmarket, more sophisticated Ladies
Slide 54: Strategic Initiatives: Office UK
04 STRATEGIC INITIATIVES OFFICE UK 54
Slide 55: Aspirational Fashion
AS PIRATIO NAL FAS H I O N • Continue to introduce in-demand and appropriate new brands in Office UK • Continue to build relationships with the key supply base and ensure we continue to receive on-trend and top-tier product • Expand made-to-order range within Office across Men's, Ladies' and Childre
Slide 56: Supply Chain
S UPPLY CH AI N • Leverage the recent Office UK DC acquisition to enable future growth and improve logistic efficiency • Reduce supply chain costs with the onboarding of new logistics partners • Draw on Group capabilities and buying power to identify additional sources of supply and cost efficiencie
Slide 57: Retail Presence
RETAIL PRES EN CE • Office remodelling and expansion programme on track and performing well • Opened 5 new stores and modernised 5 stores during H1 • Planning to open a further 6 new stores and modernise a further 4 stores during H2 • Roll out new point-of-sale to all stores, with enhanced functiona
Slide 58: Customers
CUS TO MERS • Attract new customers, improve communication, enhance efficiency and grow revenue through recently developed Office and Offspring apps • Improve the ‘last mile’ to customers through the implementation of new e-commerce partners and delivery mechanisms • Continue to enhance the already
Slide 59: Outlook
05 OUTLOOK 59
Slide 60: Outlook: Sales and Trading Space
O UTLO O K SALES AND TRADING SPACE • Group retail sales for the first seven weeks of the second half of the 2026 financial period decreased by 0.2% (increased by 1.5% in constant currency terms) • Truworths Africa up 0.6% • Office UK up 3.4% (in Sterling) • Group trading space projected to increase
Slide 61: Outlook: Truworths Africa
O UTLO O K TRUWORTHS AFRICA • Stronger Rand/US Dollar exchange rate, sustained low inflation and potential for further monetary policy easing are positive for South Africa’s growth prospects and supportive of a recovery in retail spending over the medium term • Consumer discretionary spending expect
Slide 62: Outlook: Office UK
O UTLO O K OFFICE UK • UK retail environment remains challenging, marked by constrained discretionary spending, high living costs, rising unemployment, negative consumer sentiment and ongoing economic uncertainty • Access to the most in-demand styles remains a key strength of the Office UK brand app
Slide 63: Questions
06 QUESTIONS 63
Slide 64: Investor Relations
FOR ANY INVESTOR RELATIONS MATTERS, KINDLY SEND AN E-MAIL TO: I N V E S T O R R E L A T I O N S @TRUWORTHS.CO.ZA 64
Slide 65: Disclaimer
DIS CLAIMER This announcement contains certain forward-looking statements with respect to the financial condition and results of operations of Truworths International Limited and its group companies, which by their nature involve risk and uncertainty because they relate to events and depend on circu
Slide 66: Appendices
07 APPENDICES 66
Slide 67: Condensed Group Statements of Financial Position
67 Condensed Group Statements of Financial Position ASSETS Non-current assets 8626 8 580 8661 Property, plant and equipment 2933 2745 2768 Right-of-use assets 3291 3305 3341 Intangible assets 1s 1573 1625 Goodwill 294 294 294 Loans and receivables - 2B 2B Assets held at fair value 366 328 353 Deferr
Slide 68: Condensed Group Statements of Comprehensive Income
2 6 Condensed Group Statements of Comprehensive Income Revenve 8 12927 12931 - 23071 Sale of merchandise 8 12114 12063 0.4 21323 Cost of sales (5 838) (5.819) (10 389) Gross profit 6276 6244 0.5 10934 Other income 8 281 218 405 Trading expenses (4.472) (4.434) 09 (9.447) Depreciation and amortisatio
Truworths International — H1 2026 Earnings Presentation on 6ix